Fantasy Sports Betting vs. Sportsbooks: Live Stream

The hearing began at 10:15AM ET and is being streamed live on Youtube. The stream is embedded below.

The daily fantasy sports betting industry has been rocked with controversy following the explosion of advertisements which took place at the start of last year's NFL season.

DraftKings and FanDuel spent many millions on a seemingly never-ending procession of ads that caused the daily fantasy sports giants to capture the attention of those firmly against any form of sports wagering.

DraftKings and FanDuel openly marketed that their businesses were fully legal, thanks to a specific passage inside of the Unlawful Internet Gambling Enforcement Act (UIGEA) of 2006, which referred to fantasy sports contests as games of skill vs. chance.

US politician Frank Pallone and many others have taken issue with this stance.

"I must also mention the hypocrisy of those arguing that daily fantasy sports is readily distinguishable from traditional sports betting. While quietly applying for and receiving gambling licenses in the United Kingdom, DFS operators continue to argue to interested states in the U.S. that—unlike sports betting—DFS is not gambling. Their reliance on the arbitrary distinction of skill and chance is also unconvincing," said Energy and Commerce Ranking Member Frank Pallone, JR (D-NJ) in his opening statements at today's hearing. Credit to NorthJersey.com for the quote.

Pallone's position is much aligned with that of NJ State Senator Raymond Lesniak who quipped on the debate of fantasy sports betting vs. traditional sports betting: "It's a distinction without a difference". Sportsbook Review interviewed Lesniak last fall to discuss his state's effort to bring sports betting to Atlantic City.

NJ voters overwhelmingly supported the idea of legal sports betting back in a 2011 voters referendum which was later signed into law by NJ Governor Chris Christie, however the state has been blocked at every legal in court by the NCAA and the major US sports leagues, who continue to line their pockets with revenue from the fantasy sports betting companies.

Sportsbook Review will continue to monitor the status of the legality of traditional sports betting and fantasy sports betting and keep readers abreast of developments.

I must also mention the hypocrisy of those arguing that daily fantasy sports is readily distinguishable from traditional sports betting. While quietly applying for and receiving gambling licenses in the United Kingdom, DFS operators continue to argue to interested states in the U.S. that—unlike sports betting—DFS is not gambling. Their reliance on the arbitrary distinction of skill and chance is also unconvincing, - See more at: http://blog.northjersey.com/meadowlandsmatters/13288/house-member-pallones-comments-on-daily-fantasy-sports-at-hearing/#sthash.JbYmpomG.dpuf

I must also mention the hypocrisy of those arguing that daily fantasy sports is readily distinguishable from traditional sports betting. While quietly applying for and receiving gambling licenses in the United Kingdom, DFS operators continue to argue to interested states in the U.S. that—unlike sports betting—DFS is not gambling. Their reliance on the arbitrary distinction of skill and chance is also unconvincing, - See more at: http://blog.northjersey.com/meadowlandsmatters/13288/house-member-pallones-comments-on-daily-fantasy-sports-at-hearing/#sthash.JbYmpomG.dpuf

I must also mention the hypocrisy of those arguing that daily fantasy sports is readily distinguishable from traditional sports betting. While quietly applying for and receiving gambling licenses in the United Kingdom, DFS operators continue to argue to interested states in the U.S. that—unlike sports betting—DFS is not gambling. Their reliance on the arbitrary distinction of skill and chance is also unconvincing, - See more at: http://blog.northjersey.com/meadowlandsmatters/13288/house-member-pallones-comments-on-daily-fantasy-sports-at-hearing/#sthash.JbYmpomG.dpuf